If you’re exploring options to unlock your property’s value, Aviva equity release stands out in 2025 for its competitive rates, flexible terms, and strong reputation as a trusted provider.

Equity release has become a popular solution for funding retirement, with over 90,000 borrowers benefiting in 2022 alone,¹ and as an award-winning provider, Aviva could be the key to achieving your financial goals.²

In this article, the EveryInvestor team examines Aviva’s offerings, highlighting their benefits, potential drawbacks, and comparisons to other options.

With our commitment to accuracy and in-depth research, you can trust us to provide the insights you need to make an informed decision.

Let’s uncover whether Aviva’s options are the right fit for your retirement plans…

NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor only and may not reflect the views or opinions of Aviva. This article must not be interpreted as advice, and it isn’t a solicitation to conduct transactions in any financial product provided by Aviva.

What Is Equity Release and How Does Aviva Fit Into This?

Equity release allows homeowners to access their property’s value, and Aviva fits into this by offering competitive plans, becoming a key provider in the UK’s equity release market.

Let’s look at whether equity release is a good idea in the context of Aviva:

A Closer Look at Equity Release

Equity release allows homeowners over 55 to unlock their property’s value without selling, offering a way to access funds tied to home equity for financial flexibility.

Repayment is unique, as it’s only required when the property is sold, typically after the homeowner’s passing or moving into long-term care.

Lenders may provide various equity release rates, and seeking professional advice ensures you find the best option tailored to your financial needs.

Who is Aviva?

Aviva is the UK’s largest life insurer³ and a prominent provider of pensions and mortgages. 

With a history spanning over 3 centuries, Aviva provides planning solutions for unforeseen circumstances.⁴ 

Headquartered in London, the company serves approximately 18mln clients in the UK, Ireland, and Canada.⁵ 

Aviva’s Experience and Expertise in the Financial Services Industry

Aviva’s experience and expertise in the financial services industry span over 3 centuries since its establishment in 1696. 

The company offers a range of products, including motor, life, and home insurance⁶, savings and investment options⁷, retirement products⁸, and health insurance.⁹ 

While Aviva strives for quality customer service, individual experiences may vary, as with any financial service provider. This could be due to differences in individual financial circumstances, unique customer needs, or even the complexity of the case.

Does Aviva Offer Equity Release Plans, and How Do They Work?

Yes, Aviva does offer equity release plans; these plans enable homeowners to convert home equity into cash through lifetime mortgages.

Does Aviva Offer Equity Release or Lifetime Mortgages? 

Yes, Aviva offers equity release in the form of a lifetime mortgage, providing homeowners with flexible options to access their property’s equity for financial needs in retirement.¹⁰ 

Since 1998, customers have released more than £10bln from their homes for retirement through Aviva.¹¹

Aviva’s Equity Release Plan

Aviva’s equity release plan is a lifetime mortgage called the Lifestyle Flexible Option, offering homeowners a way to access the equity in their property and providing financial flexibility without the need to sell their home.¹² 

This loan may be an option to evaluate if you are exploring comprehensive and adaptable equity release products and services.

Aviva’s Lifestyle Flexible Option

Aviva’s Lifestyle Flexible Option allows clients aged 55 or older to borrow a minimum of £15,000 against their homes.¹³ 

With this plan, you can access the funds as a lump sum or opt for an initial lump sum and regular access to a cash facility without selling your house. 

Cash Reserve

A cash reserve is a part of the plan, offering up to 50% of the total loan amount, allowing you to pay interest only on the withdrawn funds.¹⁴ 

Why use a Cash Reserve?

You will only be liable to pay interest on the funds withdrawn, not the money in your reserve.

This will help you avoid the interest that accrues over time from becoming unmanageable.

Partial Repayments

Partial repayments of up to 10% of the loan amount per year¹⁵are a feature of Aviva’s lifetime mortgage, providing benefits such as managing interest growth, preserving estate value, and financial flexibility. 

Aviva’s Enhanced Lifetime Mortgage

Aviva’s Enhanced Lifetime Mortgage is an option for individuals with certain medical conditions or lifestyle factors, which could result in reduced interest rates or an increased Loan-to-Value ratio.

We highly recommend that you seek financial advice before making any decisions.

Aviva Lifetime Mortgage Rates: What You Need to Know

Aviva offers competitive rates on its lifetime mortgages, designed to meet the needs of homeowners aged 55 and over.

These rates are fixed, meaning they won’t change over the course of your loan, providing you with peace of mind regarding your future repayments.

Understanding the rate you’ll receive depends on a number of factors, including your age and the value of your home. It’s important to compare these rates with other providers to ensure you’re getting the best deal for your circumstances.

Aviva Lifetime Mortgage Interest Rates Explained

Aviva’s lifetime mortgage interest rates are applied to the amount you release, and they are rolled up over time, meaning you don’t have to make monthly repayments.

Instead, the interest compounds, and the total loan is repaid when your home is sold after you pass away or move into long-term care.

The interest rate you’re offered will be fixed for the duration of the loan, which ensures predictability.

While the total cost will increase over time, having a fixed rate means you can plan with certainty and avoid surprises.

How Much Can You Borrow From Aviva for Equity Release?

The amount you can borrow from Aviva for equity release depends on the property’s value and the applicant’s age.

How Much Could You Borrow?

How much you could borrow depends on age, lifestyle, health, and property value, but Aviva’s loan amounts range from £15,000 to £1mln.¹⁶ 

The calculation considers your age and property value

For instance, equity release for those over 55 may borrow at least 19.5% of their equity value, while homeowners aged 85 and older could borrow up to 47.9%.¹⁷  

The cash reserve allows a minimum withdrawal of £500, with a required minimum balance of £5,000 to keep the facility open.¹⁸

Does Aviva Have an Equity Release Calculator?

Yes, Aviva has an equity release calculator that can help you determine the potential amount of wealth you could release from your property. 

To give you an approximate indication, you will be required to enter the following information:

• Your age
• The type of property you own
• The approximate value of your property

What Are the Qualifications and Costs for Aviva’s Equity Release?

Qualifications for Aviva’s equity release include age and property criteria, with costs and fees encompassing equity release interest rates and possible fees tailored to individual financial situations.

What Are Aviva’s Qualification Criteria?

Aviva’s qualification criteria are based on age, property value, type, and location.¹⁹

To qualify for an Aviva lifetime mortgage, you need to:

• Be 55 or older, with the youngest borrower meeting this age requirement.
• Own a primary residence in the UK (excluding the Channel Islands and the Isle of Man) valued at at least £75,000.
• Want to borrow a minimum of £15,000.
• Ensure your property is not unoccupied for more than six months.
• Have a small remaining mortgage (or no mortgage).

Qualification can vary, so consult a qualified equity release advisor for personalised guidance.

What Are Aviva’s Equity Release Interest Rates?

Aviva’s equity release interest rates are 5.65% to 5.85% APR*. 

*While we regularly review our rates, these may have changed since our last update.

What Fees Does Aviva Charge?

Aviva charges legal, valuation, and arrangement fees during the initial borrowing stage. 

The details:

• Arrangement Fee: This covers the setup cost of the lifetime mortgage plan and is added to the total loan.
• Valuation Fee: Aviva arranges an independent property valuation. No fee is charged for properties valued at £5mln or less.²⁰
• Re-Inspection Fee: A £60 fee is levied if the property needs to be inspected again.²¹
• Legal Fees: You are responsible for appointing a legal adviser, and these costs are yours to bear.

Additional fees may be imposed for additional borrowing, change of ownership, moving house, remote valuations, and early repayment of the whole mortgage.²²

What Are the Benefits and Disadvantages of Choosing Aviva for Equity Release?

Choosing Aviva for equity release offers benefits like competitive rates and flexibility, but disadvantages may include the impact on inheritance and the potential for higher long-term costs.

Benefits of Aviva Equity Release

The benefits of Aviva’s equity release include accessing tax-free cash with the option of protecting a portion of it for your heirs, a No Negative Equity Guarantee, and flexible repayment options. 

A closer look at each of these benefits:

• Tax-Free Cash: The cash you release is entirely tax-free, but it is important to consult a financial advisor regarding potential tax liabilities.
• No Negative Equity Guarantee: Aviva includes a guarantee that ensures you or your estate will never owe more than the sale value of your property.
• Inheritance Protection: You can allocate a percentage of your home’s value to your estate, protecting your planned inheritance.
• Flexible Repayment Options: Aviva offers voluntary partial repayments of up to 10% of the initial loan per year, with no early repayment penalties. Repayments must be a minimum of £50, helping minimise compound interest accumulation.

Keep in mind that while equity release with Aviva has many advantages, there are potential drawbacks to consider.

Disadvantages of Equity Release through Aviva

The disadvantages of equity release through Aviva include several risks that should be considered carefully.

Equity release products come with inherent risks, and it is vital to be aware of them before proceeding with an equity release plan.

Aviva notes the following cons associated with getting an equity release plan:

• Impact on Benefits: Taking out an equity release loan may affect your eligibility for welfare benefits. Your equity release adviser can provide more information on this.
• Reduced Inheritance: Equity release reduces the value of your home, impacting the inheritance you can leave behind.
• Significant Interest: Interest on equity release loans compounds yearly, resulting in a steep increase in the repayment amount over time.
• Lifelong Commitment: Early repayment of the equity release loan may incur charges. Equity release is a long-term commitment.

It is also important to note that Aviva defines specific criteria for what qualifies as long-term care. 

Changing living arrangements without meeting Aviva’s definition may unexpectedly incur repayment charges.

Aviva Home Reversion Plan: Is It Right for You?

Aviva’s home reversion plan allows you to sell part or all of your property in exchange for a lump sum or regular payments. Unlike a lifetime mortgage, you won’t accrue interest, but you’ll receive less than the market value of your home.

This option may be suitable if you want to guarantee leaving something for your heirs, as you can retain a share of your home.

It’s important to weigh this against other options, such as lifetime mortgages, which let you maintain full ownership.

A home reversion plan might be right for you if you’re looking for an alternative way to release equity without increasing debt.

How Can You Apply for Aviva Equity Release and What Support Can You Expect?

To apply for Aviva equity release, contact them directly or through an adviser; expect comprehensive support, including advice, property valuation, and legal assistance throughout the process.

How to Apply for Aviva Equity Release

To apply for Aviva equity release, you can request a callback from a team member, and an independent external adviser will contact you to get the ball rolling.²³

Note that it is the responsibility of advisers to help you assess whether equity release is really the best solution in your situation, but you will only be charged if you decide on a product.

Aviva’s Commitment to Customer Satisfaction

Aviva’s commitment to customer satisfaction can be gauged by looking at the company’s recent industry awards.

These accolades include: 

• ‘Best Provider for Products and Best Overall Provider for Lifetime Mortgages’ at the 2023 Mortgage Solutions 2023 Equity Release Awards.²⁴
• ‘Best equity release lender customer service’ and ‘Best equity release lender’ during the What Mortgage Awards in 2022.²⁵
• “Best equity release lender” for 2021 / 2022 during the Personal Finance Awards.²⁶

To make life easy for customers, Aviva has also developed an app called ‘MyAviva’ that allows you to view and make changes to your policies directly from a mobile device.²⁷

Customer Testimonials and Aviva Equity Release Reviews

Aviva’s customer testimonials and online reviews are mostly positive, with many clients praising their efficiency and prices. 

Read more reviews below:

• Trustpilot reviews for Aviva: 4.2 out of 5 based on 28,000+ reviews.
• Aviva reviews on Reviews.io: 2.1 out of 5 based on 400+ reviews

Note: These scores were accurate as of 17/06/2023 but may have changed since our last update. 

What Does the Future Hold for Aviva’s Equity Release Services?

The future of Aviva’s equity release services looks promising, with ongoing innovations and customer-focused enhancements, especially its aim to innovate and expand its equity release services to adapt to regulatory changes and customer needs.

Aviva’s Future

Aviva’s future is all about ensuring a better future for all, committing to becoming a net-zero carbon emissions company by 2040, and helping its clients become greener through ethical investing.²⁸

To ensure the reliability of its services, Aviva adheres to strict regulatory standards.

Regulatory Compliance

Aviva’s equity release arm (Aviva Equity Release UK Limited) is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and holds membership of the Equity Release Council (ERC).

Being authorised by the FCA and thus having to adhere to their regulations, ensures that customers are protected against abuse or any other maltreatment by their financial services provider.

Read On: Equity Release Council Rules

Registration Numbers:

FCA Ref Number: 310433

Companies House Number: 03286484

Aviva Equity Release’s Location and Contact

Aviva Equity Release’s location and contact details are listed below.

You can contact the company on:

• +44 207 283 2000
• helpdesk@aviva.co.uk
• Wellington Row, York, North Yorkshire, YO901WR.

Frequently Asked Questions on Aviva Equity Release Solutions

This section provides answers to common queries, helping homeowners understand Aviva’s equity release options.

In Conclusion

Along with a wide range of financial products and services, Aviva offers award-winning lifetime mortgages to customers in the UK.

Before considering an equity release loan, remember to evaluate the fees and eligibility criteria, and to consider the product’s benefits and disadvantages.

Aviva’s advisors are experienced and expertly trained to help customers make the best financial decisions for their circumstances, so get in touch today if you are considering Aviva equity release.

So if you are potentially in the market for equity release, speak to an advisor to find out if Aviva has the best equity release plans for your needs.

Lifetime mortgage near me: Explore nearby options for securing a lifetime mortgage to support your financial goals and requirements.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.